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*sb0770*
SECOND PRINTING
SENATE BILL 770
C8 6lr2423
CF HB 1473
By: Senator Ferguson Senators Ferguson and James
Introduced and read first time: February 6, 2026
Assigned to: Finance
Committee Report: Favorable with amendments
Senate action: Adopted
Read second time: March 1, 2026
Returned to second reading: March 3, 2026
Senate action: Adopted with floor amendments
Read second time: March 3, 2026
CHAPTER ______
AN ACT concerning 1
Economic Development – Maryland’s Future Board – Establishment 2
FOR the purpose of establishing the Maryland’s Future Board under the Department of 3
Commerce to develop, evaluate, and revise a certain visionary plan for the future of 4
Maryland by a certain date and make recommendations for projects based on the 5
plan to the Governor and the General Assembly; establishing the Maryland’s Future 6
Fund as a special, nonlapsing fund; requiring interest earnings of the Fund to be 7
credited to the Fund; requiring the Comptroller to study the trends for certain 8
industries and report to the General Assembly on or before a certain date; and 9
generally relating to the Maryland’s Future Board. 10
BY adding to 11
Article – Economic Development 12
Section 2.5–301 through 2.5–305 to be under the new subtitle “Subtitle 3. Maryland’s 13
Future Board” 14
Annotated Code of Maryland 15
(2024 Replacement Volume and 2025 Supplement) 16
BY repealing and reenacting, without amendments, 17
Article – State Finance and Procurement 18
Section 6–226(a)(2)(i) and (ii) 19
Annotated Code of Maryland 20
2 SENATE BILL 770
(2021 Replacement Volume and 2025 Supplement) 1
BY repealing and reenacting, with amendments, 2
Article – State Finance and Procurement 3
Section 6–226(a)(2)(iii)212. and 213. 4
Annotated Code of Maryland 5
(2021 Replacement Volume and 2025 Supplement) 6
BY adding to 7
Article – State Finance and Procurement 8
Section 6–226(a)(2)(iii)214. 9
Annotated Code of Maryland 10
(2021 Replacement Volume and 2025 Supplement) 11
BY repealing and reenacting, with amendments, 12
Chapter 717 of the Acts of the General Assembly of 2024, as amended by Chapters 13
237, 409, and 410 of the Acts of the General Assembly of 2025 14
Section 8(87) and (88) 15
BY adding to 16
Chapter 717 of the Acts of the General Assembly of 2024, as amended by Chapters 17
237, 409, and 410 of the Acts of the General Assembly of 2025 18
Section 8(89) 19
Preamble 20
WHEREAS, Maryland is rich in assets, often ranking among the top in the nation 21
for its innovation, technology –based workforce, personal income levels, and research and 22
development activity; and 23
WHEREAS, Maryland, despite these significant competitive advantages, lags 24
behind the nation in economic growth, population growth, and personal income growth; and 25
WHEREAS, In 2025, Maryland’s gross domestic product growth was 3.8%, compared 26
to the national rate of 4.4%; and 27
WHEREAS, In 2025, Maryland’s personal income growth was 2.8%, compared to the 28
national rate of 3.3%; and 29
WHEREAS, In 2025, Maryland’s population growth over the precious 5 years was 30
1.4%, compared to the national rate of 2.8%; and 31
WHEREAS, Demographic changes, population shifts, and uncertainty at the federal 32
level, on which much of Maryland’s economy is dependent, makes planning for the future 33
more challenging; and 34
SENATE BILL 770 3
WHEREAS, It is incumbent on Maryland to plan for the future with intention and 1
purpose to ensure all residents have a more ideal place to work, learn, and live; and 2
WHEREAS, Priorities are often aimed at solving pressing and immediate needs, 3
however, best practic es show that visionary planning is the key to producing better 4
outcomes, creating competitive advantages, and encouraging sustainable growth; now, 5
therefore, 6
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 7
That the Laws of Maryland read as follows: 8
Article – Economic Development 9
SUBTITLE 3. MARYLAND’S FUTURE BOARD. 10
2.5–301. 11
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 12
INDICATED. 13
(B) “BOARD” MEANS THE MARYLAND’S FUTURE BOARD. 14
(C) “FUND” MEANS THE MARYLAND’S FUTURE FUND. 15
(D) “PROJECT” INCLUDES: 16
(1) AN ALLOCATION OF FUN DS IN THE OPERATING BUDGET OF THE 17
STATE; 18
(2) AN ALLOCATION OF FUN DS IN THE CAPITAL BU DGET OF THE 19
STATE; AND 20
(3) THE IMPLEMENTATION OF ANY POLICY THAT WILL ADVANCE THE 21
STATE’S SOCIOECONOMIC WELLBEING AND RESILIENCY. 22
(E) “VISIONARY PLAN” MEANS A PLAN THAT EN VISIONS A STATE THAT IS 23
EQUITABLE, PROSPEROUS, LIVABLE, AND PROVIDES OPPORTU NITIES FOR ALL 24
RESIDENTS TO THRIVE, INCLUDING: 25
(1) A FORWARD –THINKING STRATEGY TH AT WOULD INCORPORATE 26
CORE VALUES AND PRINCIPLES AS ENVISIONED BY THE BOARD; 27
(2) A STRATEGY THAT COVE RS BROADLY ISSUES TH AT THE STATE 28
FACES; 29
4 SENATE BILL 770
(3) A STRATEGY THAT IS N OT CONSTRAINED BY EX ISTING 1
TECHNOLOGY, INFRASTRUCTURE, OR FISCAL CONDITIONS OF THE STATE; AND 2
(4) STRATEGIES THAT IMAGINE FUTURE TRENDS IN THE FOLLOWING 3
AREAS: 4
(I) ROBOTICS AND AUTOMATION; 5
(II) ARTIFICIAL INTELLIGENCE; 6
(III) ADVANCED MANUFACTURING; 7
(IV) DATA AGGREGATIONS; AND 8
(V) OTHER INDUSTRY DISRUPTIVE TECHNOLOGIES. 9
2.5–302. 10
(A) THERE IS A MARYLAND’S FUTURE BOARD IN THE DEPARTMENT. 11
(B) (1) THE BOARD CONSISTS OF THE FOLLOWING MEMBERS: 12
(I) THREE MEMBERS APPOINTED BY THE GOVERNOR; 13
(II) THE COMPTROLLER, OR THE COMPTROLLER’S DESIGNEE; 14
(III) TWO MEMBERS APPOINTE D BY THE PRESIDENT OF THE 15
SENATE; AND 16
(III) (IV) TWO MEMBERS APPOINTED BY THE SPEAKER OF THE 17
HOUSE. 18
(2) THE BOARD SHALL CONSIST O F INDIVIDUALS WHO , 19
COLLECTIVELY, ARE VISIONARY THINKE RS FOR AN ECONOMIC F UTURE OF THE 20
STATE THAT ATTRACTS INDIVIDUALS WHO WANT TO LIVE, WORK, AND LEARN IN THE 21
STATE, INCLUDING: 22
(I) ENTREPRENEURS; 23
(II) MEMBERS OF ACADEMIA; 24
(III) ETHICISTS; 25
SENATE BILL 770 5
(IV) ARTISTS; 1
(V) PHILANTHROPISTS; AND 2
(VI) LEADERS IN: 3
1. LABOR ORGANIZATIONS; 4
2. BUSINESS; 5
3. HIGHER EDUCATION; AND 6
4. NONPROFIT ORGANIZATIONS. 7
(3) (I) WHEN APPOINTING MEMBE RS CONSIDERATION SHA LL BE 8
GIVEN TO GEOGRAPHIC REPRESENTATION. 9
(II) THE MEMBERS APPOINTED TO THE BOARD SHALL REFLECT 10
THE DEMOGRAPHICS OF THE STATE. 11
(C) (1) THE TERM OF A MEMBER APPOINTED TO THE BOARD IS 4 YEARS 12
AND BEGINS ON JULY 1. 13
(2) (I) A VACANCY SHALL BE FIL LED IMMEDIATELY FOR THE 14
REMAINDER OF THE UNEXPIRED PORTION OF A TERM. 15
(II) AT THE END OF A TERM , A MEMBER CONTINUES T O SERVE 16
UNTIL A SUCCESSOR HAS BEEN APPOINTED. 17
(3) A MEMBER APPOINTED BY THE GOVERNOR, THE PRESIDENT OF 18
THE SENATE, OR THE SPEAKER OF THE HOUSE SERVES AT THE P LEASURE OF THE 19
APPOINTING OFFICER. 20
(D) (1) A MEMBER OF THE BOARD: 21
(I) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE 22
BOARD; BUT 23
(II) IS ENTITLED TO REIMBURS EMENT FOR EXPENSES U NDER 24
THE STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE 25
BUDGET. 26
6 SENATE BILL 770
(2) (I) THE BOARD IS SUBJECT TO THE PUBLIC INFORMATION ACT 1
AND THE OPEN MEETINGS ACT. 2
(II) THE BOARD MEMBERS ARE SUB JECT TO THE MARYLAND 3
PUBLIC ETHICS LAW. 4
(E) THE BOARD SHALL MEET AT LEAST FOUR TIMES PER YEAR. 5
(F) THE BOARD SHALL CARRY OUT THE PURPOSE OF THIS SUBTITLE BY: 6
(1) DEVELOPING AND REVISING A VISIONARY PLAN UNDER § 2.5–303 7
OF THIS SUBTITLE; 8
(2) IN ALIGNMENT WITH TH E VISIONARY PLAN , RECOMMENDING 9
PROJECTS THAT MOVE THE STATE FORWARD AND CONTRIBUTE TO ENSURING THE 10
ECONOMIC STRENGTH OF THE STATE INTO THE FUTURE; AND 11
(3) CONSULTING WITH ENTITIES AND STATE AGENCIES, AS NEEDED. 12
2.5–303. 13
(A) ON OR BEFORE JANUARY 1, 2027, THE BOARD SHALL DEVELOP A 14
VISIONARY PLAN FOR THE FUTURE OF THE STATE THAT CARRIES OUT THE PURPOSE 15
OF THIS SUBTITLE. 16
(B) THE BOARD SHALL EVALUATE THE VISIONARY PLAN A T LEAST 17
ANNUALLY AND REVISE THE PLAN ACCORDINGLY. 18
(C) THE BOARD SHALL SUBMIT TH E VISIONARY PLAN TO TH E GOVERNOR 19
AND THE GENERAL ASSEMBLY, IN ACCORDANCE WITH § 2–1257 OF THE STATE 20
GOVERNMENT ARTICLE, WITHIN 30 DAYS AFTER THE COMPL ETION OF THE 21
VISIONARY PLAN OR A REVISION TO THE VISIONARY PLAN. 22
(D) ON OR BEFORE AUGUST 1, 2027, AND EACH AUGUST 1 THEREAFTER, 23
THE BOARD SHALL SUBMIT RECOMMENDATIONS FOR PROJECTS TO THE GOVERNOR 24
AND, IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, THE 25
GENERAL ASSEMBLY. 26
2.5–304. 27
(A) THERE IS A MARYLAND’S FUTURE FUND. 28
SENATE BILL 770 7
(B) THE PURPOSE OF THE FUND IS TO FUND THE PROJECTS RECOMMENDED 1
BY THE BOARD MADE UNDER § 2.5–303 OF THIS SUBTITLE. 2
(C) THE DEPARTMENT SHALL ADMINISTER THE FUND. 3
(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 4
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 5
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 6
AND THE COMPTROLLER SHALL ACCOUNT FOR THE FUND. 7
(E) THE FUND CONSISTS OF: 8
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 9
(2) INTEREST EARNINGS; AND 10
(3) ANY OTHER MONEY FROM ANY OTHER SOURC E ACCEPTED FOR 11
THE BENEFIT OF THE FUND. 12
(F) THE FUND MAY BE USED ONLY FOR PROJECTS RECOMMENDED BY THE 13
BOARD UNDER § 2.5–303 OF THIS SUBTITLE. 14
(G) (1) THE STATE TREASURER SHALL INVEST THE MONEY OF THE FUND 15
IN THE SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED. 16
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO 17
THE FUND. 18
(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 19
WITH THE STATE BUDGET. 20
(I) MONEY EXPENDED FROM THE FUND IS SUPPLEMENTAL TO AND IS NOT 21
INTENDED TO TAKE THE P LACE OF FUNDING THAT OTHERWISE WOULD BE 22
APPROPRIATED FOR THE SAME PURPOSE. 23
2.5–305. 24
THE DEPARTMENT MAY ADOPT REGULATIONS NECESSAR Y TO CARRY OUT 25
THIS SUBTITLE. 26
Article – State Finance and Procurement 27
6–226. 28
8 SENATE BILL 770
(a) (2) (i) This paragraph does not apply in fiscal years 2024 through 2028. 1
(ii) Notwithstanding any other provision of law, and unless 2
inconsistent with a federal law, grant agreement, or other federal requirement or with the 3
terms of a gift or settlement agreement, net interest on all State money allocated by the 4
State Treasurer under this section to special funds or accounts, and otherwise entitled to 5
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 6
Fund of the State. 7
(iii) The provisions of subparagraph (ii) of this paragraph do not 8
apply to the following funds: 9
212. the Department of Social and Economic Mobility Special 10
Fund; [and] 11
213. the Population Health Improvement Fund; AND 12
214. THE MARYLAND’S FUTURE FUND. 13
Chapter 717 of the Acts of 2024, as amended by Chapters 237, 409, and 410 of the 14
Acts of 2025 15
SECTION 8. AND BE IT FURTHER ENACTED, That, notwithstanding any other 16
provision of law, and unless inconsistent with a federal law, grant agreemen t, or other 17
federal requirement, or with the terms of a gift or settlement agreement, for fiscal years 18
2024 through 2028, net interest on all State money allocated by the State Treasurer under 19
§ 6–226 of the State Finance and Procurement Article to special funds or accounts, and 20
otherwise entitled to receive interest earnings, as accounted for by the Comptroller, shall 21
accrue to the General Fund of the State, with the exception of the following funds: 22
(87) the Academic Excellence Fund; [and] 23
(88) the Abandoned and Neglected Cemeteries Fund; AND 24
(89) THE MARYLAND’S FUTURE FUND. 25
SECTION 2. AND BE IT FURTHER ENACTED, That: 26
(a) (1) The Comptroller shall study the economic growth trends in Maryland, 27
including the trends for industries in which Maryland has a competitive advantage or any 28
other industries that have an outsized presence in Maryland. 29
(2) The study shall identify the growth that is needed in the competitive 30
industries to ensure the financial and socioeconomic well –being of the res idents of 31
Maryland. 32
SENATE BILL 770 9
(3) The study may examine the social and economic factors that are 1
expected to significantly change over the next 10 years or more, including: 2
(i) state migration trends; 3
(ii) job replacement due to the rise in artificial intelligence; and 4
(iii) the need for universal basic income or advanced technology 5
workforce training. 6
(4) The Comptroller may contract with an independent consultant to assist 7
the Comptroller in the preparation of the study required under this subsection. 8
(b) On or before December 1, 2026, the Comptroller shall report to the General 9
Assembly, in accordance with § 2 –1257 of the State Government Article, on the result of 10
the study under subsection (a) of this section. 11
SECTION 2. 3. AND BE IT F URTHER ENACTED, That this Act shall take effect 12
July 1, 2026. It shall remain effective for a period of 5 years and, at the end of June 30, 13
2031, this Act, with no further action required by the General Assembly, shall be abrogated 14
and of no further force and effect. 15
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
President of the Senate.
________________________________________________________________________________
Speaker of the House of Delegates.